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What is the Multiple Listing Service?

History

Multiple listing, in one form or another, dates back into the nineteenth century. The first Boards of REALTORS® were established as "Real Estate Exchanges". On certain appointed days, the members of a Board of REALTORS® gathered at the Board offices and "exchanged" information about their listings. They, in effect, carried on an auction as they frequently came prepared to purchase certain property desired by their principals, but listed by another broker. This practice was common in the 1880s and 1890s. Shortly after the end of the nineteenth century, the term "multiple listing" was in use. It is mentioned as an activity of Boards of REALTORS® as early as 1907.

In the 1920s, multiple listing had become widely accepted. The expansion of this function continued through succeeding years and spread throughout the country with the result that today hundreds of local Boards of REALTORS® provide Multiple Listing Services, in one form or another, to their Members.

Definition:

A Multiple Listing Service is:

• a facility for the orderly correlation and dissemination of listing information among participants so that they may better serve their clients and customers and the public.
• a means by which authorized participants make blanket unilateral offers of compensation to other Participants (acting as subagents, buyer agents, or in other agency or nonagency capacities defined by law).
• a means by which information is accumulated and disseminated to enable authorized Participants to prepare appraisals and other valuations of real property.
• a means by which Participants engaging in real estate appraisal contribute to common data bases.

Purpose:

Through the facility of multiple listing, information concerning individual listings can be made known to all REALTORS® who participate in the activity. The basis of the multiple listing activity is the creation of a facility whereby REALTORS® may most effectively invite other brokers to enter into cooperative agreements with them for the sale of their listings and provide information necessary to permit such cooperation; by which information is accumulated and disseminated to enable authorized Participants to prepare appraisals and other valuations of real property; and by which Participants engaging in real estate appraisal contribute to common databases.